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Ruffer wage bill rises 30% as it passes £16 billion mark

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Ruffer wage bill rises 30% as it passes £16 billion mark

Ruffer has posted a healthy rise across assets, revenues and profits despite a tough year for some of its managers.

Ruffer enjoyed a 14% increase in assets under management to £15.5 billion over the year to the end of March. The group has since hit £16.1 billion of assets, of which over £7 billion is held in open-ended funds.

This growth boosted Ruffer’s turnover for the period by 11% from £132 million to £146 million and its operating profit by 6% from £108 million to £115 million.

Profit was impacted by slightly higher administrative expenses, though, which climbed by 29% to £31 million. Underlying this were a number of new hires, as headcount swelled from 112 to 119 and the wage bill jumped by 30% to £13 million.

Performance in some of Ruffer’s key funds, however, has suffered recently due to an emphasis on assets such as cash, gold and government bonds. Ruffer’s giant £2.8 billion Total Return fund, for example, has slipped into its sector’s bottom quartile over the past three years. The Ruffer investment trust too has lagged, returning 11.7% over the past year compared with an average of 20% from its Global Growth peer group.

In contrast Ruffer’s Japanese fund, managed by Citywire AAA-rated Kentaro Nishida (pictured), has continued to impress. Its 60% return over the past three years places it third in its sector of 66 for the period.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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